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HUGE move up on equities and down on energies on overnight developments with Iran PLUS: June Live Cattle, CannonEdge Snapshot, Levels, Reports; Your 5 Important Can’t-Miss Need-To-Knows for Trading Futures on May 7th, 2026

Posted on May 6, 2026 by Cannon Operations

At A Glance Levels

Instrument	S2	S1	Pivot	R1	R2
Gold (GC) — June (#GC)	4487.83	4598.07	4666.33	4776.57	4844.83
Silver (SI) — July. (#SI)	71.19	74.61	76.47	79.90	81.76
Crude Oil (CL) — June. (#CL)	81.53	88.43	95.57	102.47	109.61
June Bonds (ZB) — June. (#ZB)	112 5/32	112 29/32	113 13/32	114 5/32	114 21/32

HUGE move up on equities and down on energies on overnight developments with Iran.

STAY NIMBLE

equities

For tomorrow’s session, futures traders should stay focused on overnight price action, key technical levels, and scheduled economic catalysts. Pay close attention to how price behaves around prior day highs/lows, value areas, and major support or resistance, as these levels often define early risk.

Monitor overnight volume and global market tone for clues on directional bias but remain flexible—especially around economic releases or central-bank speakers that can quickly change volatility.

Above all, prioritize risk management and execution discipline, letting the market confirm your idea before committing size rather than forcing trades.

June Live Cattle

June Live Cattle satisfied the second upside PriceCount objective and corrected. At this point, IF the chart can resume its rally with new sustained highs, the third count would project a potential move to the $284.16 area.

The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved.

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk.

Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

Cannon Edge — Your Daily Futures Snapshot for May 7th

Daily Levels for May 7th

Economic Reports

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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.